The Bank of Israel has awarded Revolut a unique
identification code, signaling the company’s formal entry into the country’s
regulated payment system. The integration is part of the bank’s strategy to
integrate global fintech firms into the local payment space.

Global Fintech Integration

The Bank of Israel’s initiative to issue a unique
identification code to Revolut aligns with its broader strategy to integrate
global fintech companies into the local payment system, the institution
mentioned today (Tuesday). The identification code, 78, allows fintech firms like Revolut to allocate
payment account numbers and facilitates seamless identification within the
system.

Revolut’s successful acquisition of an identification
code reflects the Bank of Israel’s commitment to opening the payment system to
non-bank entities. This move is part of the bank’s “international
outline,” which facilitates access for foreign-licensed companies meeting
specific conditions.

Oded Salomy, the Director of the Bank of Israel’s
Payment and Settlement Systems Department, said: “The steps that the Bank of
Israel has led have created opportunities for global fintech firms and firms
from various fields to operate in the payments field in Israel, with regulatory
guidance throughout the access process.”

“These steps will advance competition in the financial system and will contribute to the improvement of service and lowering of costs. The Bank of Israel will continue
developing the Israeli payments market and working toward opening access to
the controlled payment systems for nonbank participants.”

Eying Diverse Financial Solutions

The framework reportedly aims to enhance Israel’s
payment system by introducing innovative players and diverse financial
solutions. As the second global fintech company to receive such an ID code,
Revolut joins an exclusive group that is poised to benefit from the Bank of
Israel’s efforts to modernize and broaden the local financial market.

Revolut is also forging significant partnerships with
other companies. Just recently, the fintech firm integrated Ledger Live, a
popular platform for managing digital assets. This collaboration promised to
enhance crypto purchases to be easier, faster, and more secure.

This partnership allows Revolut’s users to purchase
crypto directly through the Ledger Live app. It also aims to make digital asset
management accessible. The app reportedly enables users to convert their fiat
currency into crypto, bypassing additional identity checks and multiple
verifications.

In Singapore, Revolut debuted its business-to-business
(B2B) service, Revolut Business. The company also received a banking license in
its home country, the United Kingdom.

This article was written by Jared Kirui at www.financemagnates.com.

—

— CONTENT NOT MODERATED BY G6

— Please be careful with this content. If you don’t think it should be here, please get in touch with us at [email protected]